Over the past couple of years it’s been a tough hill to climb for anyone interested in buying a home in the Connecticut real estate market. While prices were down, lending was still tight and the job market seemed unstable. News comes today that there is reason to be optimistic when looking at CT homes for sale and not a moment too soon.
The National Association of REALTORS® reported that April home sales were WAY up. I am not talking a slight tick up, the report shows that home sales were up 10% from April 2011. That is a BIG jump for any market, but in a market like we’ve been experiencing that is a sure sign of optimism.
But wait, there’s more.
The report also showed that home affordability was up by 3.4% in the month of April as well. So, more homes are selling and more homes are affordable. With interest rates low, now is the time to truly optimize your buying power to the maximum.
What does all this mean for you while you’re searching the market for your perfect home? Now is really the time to buy. As the housing market improves and potentially continues to see double digit growth over the next few months this perfect storm of affordability will eventually start to recede. Interest rates will go up. Prices will go up. Inventory will drop. I know I’ve said it in the past, but now truly is the time to buy.
What do you think, is the Connecticut real estate market following national trends? Share your feelings in the comments below.